Westlake directs redemption of $100 million series 2009A revenue bonds

By Sarah Lizee

Olympia, Wash., June 25 – Westlake Chemical Corp. directed the Louisiana Local Governmental Environmental Facilities and Community Development Authority to redeem in full $100 million series 2009A revenue bonds due Aug. 1, 2029, according to a press release.

The bonds will be redeemed on Aug. 1 at par plus accrued interest to the redemption date.

Westlake expects to purchase the bonds in lieu of redemption and in connection, to cancel and retire $100 million of Westlake’s 6.5% senior notes due 2029 that were issued and are held by the trustee of the revenue bonds to evidence and secure Westlake’s payment obligations to the authority under the loan agreement relating to the revenue bonds.

On June 12, Westlake completed the registered public offering of $300 million of its 3.375% senior notes due 2030 and expects to use a portion of the net proceeds to fund the purchase in lieu of redemption.

Westlake is a Houston-based manufacturer and supplier of petrochemicals, polymers and building products.

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